Editing a primitive's values AFTER initial placement
No, you can't do that right now. Blender is a software that focus primarily on artistic rendering of complex scenes, and not much on motion graphics or other kinds of precise projects. That's why Blender doesn't have effectors or parametric objects, and why its modeling style is quite destructive.

Once you create an object, Blender sees it as a mesh, so a 3D model with a number of vertexes, edges and faces, so it doesn't know anymore if it is a cylinder or a sphere. This could change in the future, but I've heard Ton Roosendaal (Blender Foundation's Chairman) doesn't consider it a priority.

You can also check the answers of this similar question: How to edit Parameters for an Object after it is created?